Bankless

Vaults could become the financial rails that bring trillions onchain, but only if they solve risk, regulation and investor protection. Steakhouse co-founder Adrian Cachinero joins David to explain how vaults work, why repo markets matter and where this new asset-management layer goes next.

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TIMESTAMPS

0:00 Intro

0:13 Vaults Explained

2:27 Morpho and Vault Origins

6:46 Vault Infrastructure Layers

8:53 Curators and Control

18:25 Risk Frameworks

24:48 Risk Creep and Incentives

32:51 Principal-Agent Tensions

39:33 Safe Vaults Scale

41:50 SEC and Regulation

46:58 Two Vault Futures

53:54 Distributors vs Curators

59:21 AI Meets Vaults

1:01:23 Growth and Challenges

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RESOURCES

Adrian Cachinero

https://www.linkedin.com/in/adriancachinero

Steakhouse Financial

https://www.linkedin.com/company/steakhouse-financial/

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Every lending protocol in DeFi quietly decides your interest rate for you. Paul Frambot thinks that was always a workaround and Morpho Midnight is his argument for what replaces it. Fixed-rate lending as the only true primitive, pricing trust on-chain, and the one switch Morpho won't flip yet.

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TIMESTAMPS

0:00 What Is Morpho Midnight?
1:59 DeFi's Wrong First Shape
7:18 The Only Real Primitive
14:47 Inside a Midnight Market
20:49 Openness Is the Advantage
22:52 Order Books and New Curves
30:01 Pricing Trust
35:40 Stablecoins and What's Next
37:13 Who Comes On-Chain Next
42:18 Collapsing the Margin
44:50 The Bankless Connection
47:57 How Big by 2027?
51:59 Hester Peirce on Vaults
55:49 Who Takes the Liability?

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RESOURCES

Paul Frambot
https://x.com/PaulFrambot

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

What does it take to build an exchange that refuses to choose between speed, cost, security, verifiability and composability? Lighter founder Vlad Novakovski joins David to trace his path from international Olympiads and Harvard at 18 to Citadel, early machine learning, Lunchclub and an 18-month ZK engineering bet.

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TIMESTAMPS

0:00 A Particular Set of Skills
11:33 Harvard at 18
19:03 Citadel and the Search for Alpha
25:14 Machine Learning Before the AI Boom
36:46 ​​Finding Elite Talent Early
41:39 The Lunchclub Matching Problem
45:11 Pivoting Into Lighter
51:18 The 18-Month ZK Engineering Bet
56:38 Lighter’s Five Pillars
1:00:04 A New Generation of Exchanges

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RESOURCES

Vlad Novakovski
https://x.com/vnovakovski

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Ryan and David unpack the CLARITY Act’s last-minute lifeline, $100 oil, BitMine’s ETH slowdown, and the OpenAI model that escaped its sandbox.

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🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

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TIMESTAMPS

0:00 Intro

0:33 CLARITY Act at a Crossroads

https://x.com/EleanorTerrett/status/2079334038104408522

https://x.com/EleanorTerrett/status/2079962528243650990

https://x.com/coindesk/status/2079633633023836667

https://x.com/EleanorTerrett/status/2079608362522575063

https://x.com/politico/status/2080261045114065177

https://polymarket.com/event/clarity-act-signed-into-law-in-2026/clarity-act-signed-into-law-in-2026

17:56 BitMine’s 5% ETH Strategy

https://x.com/BitMNR/status/2079184988541448638

https://x.com/ykkz99/status/2079607294354964696

https://x.com/ykkz99/status/2079244980103659697

https://x.com/coindesk/status/2079200035045036162

27:40 Hester Peirce Eyes DeFi Vaults

https://x.com/HesterPeirce/status/2080011999702880341

https://x.com/CJRobins01/status/2079976258423627785

https://x.com/Bankless/status/2079536878588715366

https://morpho.org/blog/now-live-morpho-midnight

38:28 BitMEX’s End of an Era

https://x.com/CryptoHayes/status/2080286601125482771

https://x.com/BitMEX/status/2080201602456301580

44:36 NEAR Goes Post-Quantum

https://bankless.cc/near-podcast

https://x.com/NEARProtocol/status/2079189515843821764

48:58 TradFi Moves Deeper Into Crypto

https://x.com/EricBalchunas/status/2077774644652790240

https://x.com/JSeyff/status/2077792050573918432

https://crypto.com/us/company-news/cryptocom-announces-400-million-strategic-investment-from-citadel-securities

https://x.com/mzorkin/status/2077834551091478695

54:07 OpenAI Model Breaks Out

https://simonwillison.net/2026/Jul/22/openai-cyberattack/

https://huggingface.co/blog/security-incident-july-2026

https://openai.com/index/hugging-face-model-evaluation-security-incident/

1:02:40 Closing & Disclaimers

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Securitize has gone public, raised $400 million and tokenized its own equity, but Carlos Domingo says the real race is only beginning. He joins David to explain how Securitize makes money, why investor demand remains tokenization’s biggest bottleneck and what separates an actual onchain share from a synthetic stock wrapper.

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TIMESTAMPS

0:00 Going Public
4:50 Demand Bottleneck
10:19 Real vs Synthetic
17:31 Liquidity Wins
23:43 First Movers
29:24 Trading SECZ
39:47 Spot and Perps
43:01 The $1T Goal

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RESOURCES

Carlos Domingo
https://x.com/carlosdomingo

Securitize
https://securitize.io/

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures